Mike Krzus

Mike Krzus

Mike is an integrated reporting consultant and researcher. He has written or coauthored two books, five book chapters, and twenty one articles and case studies on integrated reporting. He is a passionate advocate for integrated reporting and has spoken at business, investor, and academic events around the world.

Articles and interviews



January 2017
Complex Thinking vs. Short-Termism: Krzus and MacMaster on Strategy Design
The Corporate Box Blog: A Better View of Integrated Reporting


October 2016
What the CEO needs to know
The Corporate Box Blog: A Better View of Integrated Reporting



May 2016
On tax, presentation, and connectivity
The Corporate Box Blog: A Better View of Integrated Reporting

What is integrated reporting?

Integrated reporting is a tool for CEOs and C-level executives. It has two primary functions—information and transformation.
  1. Integrated reporting provides the capital markets with information about about an organization’s long-term strategy. It can help a company attract a more long-term oriented investor base. Research by Professor George Serafeim found that “companies that produce integrated reports show a clear tendency to have more long-term, ‘dedicated’ holders and fewer transient investors.” Serafeim’s paper, “Integrated Reporting and Investor Clientele,” concluded, “…my study provides evidence that suggests a causal relationship between the corporate practice of integrated reporting and an investor base with longer-term shareholders.”
  2. Integrated reporting can help CEOs drive changes in behavior and decision-making. It provides insights into how a company views itself and its role in society. It establishes medium- and long-term goals and targets, which creates creates commitments to improve future performance. It establishes accountability for meeting objectives by publicly linking incentives to results. It communicates performance, both good and bad. The integrated reporting process helps the CEO influence corporate culture, enhance governance, and develop a long-term strategy.

Rethinking integrated reporting

Mike created a framework that structures the disclosure elements of an integrating report in a way that is consistent with the 10 elements that companies should include when communicating their long-term strategy to investors (see “Rising to the challenge of short-termism” and “Straight talk for the long-term: How to improve investor-corporate dialogue.”

This framework has three objectives.
  1. Provide practical guidance for reporting to investors and engaging them in a conversation about long-term objectives
  2. Challenge the perception that integrated reporting is a communications initiative by focusing on how and why the integrated reporting process can contribute to changing corporate culture, governance, and strategy
  3. Position integrated reporting as a part of a broader agenda to overcome the challenges of short-termism in companies and the markets

Integrated reporting for a long-term strategy

Purpose, vision, and mission
  • Describe the organization’s culture, ethics, and values, views of the board and management on what the organization wants to be in the future, and management’s perspective on the role of the corporation in society
Managment’s view of the market
  • Describe the company’s principal activities and markets, competitive landscape for the industry and sector, and global and local trends likely to impact the business and sector
Competitive advantage
  • Describe how the organization differentiates itself in the marketplace, how process improvement, training, and employee mobility contribute to long-term success, and the role of innovation in creating competitive advantage
The Sustainable Value Matrix
  • Explain the underlying methodology for creating the company’s Sustainable Value Matrix, how the assessment of materiality addresses issues across the supply chain, and which issues have been given the highest priority and why
Stakeholder engagement
  • Explain the strategy and methodology used for stakeholder engagement, describe how stakeholders are prioritized, and identify which investors were included the engagement process
Risks and opportunities
  • Identify the sources of critical risks and opportunities including ESG issues, discuss the likelihood that material risks or opportunities will come to fruition, and explain how strategic objectives may be influenced by changes in the external environment
The business model
  • Identify the key elements of the business model, explain how the business model creates value for investors and for society, and discuss why the business model is considered to be resilient
Strategic goals
  • Discuss the organization’s strategic goals and how progress towards reaching those goals will be measured, identify the resources required to implement the business strategy, and describe the extent to which environmental and social considerations have been embedded into the organization’s strategic goals
Strategy execution roadmap
  • Explain the actions necessary to achieve short-, medium, and long-term goals, how the company’s actions are linked to strategic goals and milestones, and whether the business model might be required to change over the medium- and long-term in order to achieve strategic goals
Medium- and long-term metrics and targets
  • Explain the milestones and KPIs that will be used to track progress toward achieving medium- and long-term objectives, the significance of selected indicators and the methodology used to develop them, and the changes between the company’s current performance and the medium- and long-term targets
Capital and non-capital investments
  • Discuss the relationship between material issues and capital and non-capital investments, the nature of trade-offs made when making investment decisions, and the positive and negative impacts of operations on financial, manufactured, intellectual, human, social and relationship, and natural capital
  • Explain the organization’s leadership structure, approach to risk management, and the board process to issue The Statement of Significant Audiences and Materiality
Executive and director compensation
  • Explain the role of the board in determining executive compensation, how board and executive compensation is linked to medium- and long-term strategic objectives, and the relationship between board and executive compensation and specific ESG goals


These publications are the foundation of the framework.